Some of the biggest blockchain projects around, including Solana, Fireblocks, Monad and Polygon, are joining forces with the aim of establishing a common framework for cross-chain payments.
Members of the new Blockchain Payments Consortium, or BPC, seek to define “a common framework that enhances cross-chain transactions of stablecoins with the ease and data requirements of traditional payments,” according to a statement.
“Volume of onchain payments totaled nearly $20 trillion in 2024, surpassing Visa and Mastercard transactions combined,” the organizations said in a joint statement. “[But] the landscape remains fragmented, with blockchain networks having different technical and compliance standards.”
Payments, and the settle of payments using stablecoins or otherwise, appears to have become, in recent months, a large focus among many key players dealing with digital assets. Last week, Coinbase and Citi said they are exploring “fiat to onchain stablecoin payout methods” while Swift said in September it is planning to integrate a blockchain-based ledger into its infrastructure stack, with an initial focus on cross-border transactions.
The U.S. government’s establishing regulatory certainty around stablecoins appears to have provided additional momentum as large American banks demonstrate a willingness to leverage blockchain technology for settling different types of transactions.
“Over the last 18 months, our industry has achieved mainstream adoption, with payments at the forefront,” Fireblocks SVP Payments and Network Ran Goldi said.
Part of the BPC’s mission statement includes addressing the challenges faced “when moving between traditional payments and blockchain.”
“Through the Blockchain Payments Consortium, we’re uniting networks, institutions, and enterprises to make blockchain payments fast, trusted, scalable, and global,” said TON Foundation Vice President of Payments Nikola Plecas. “Together, we’re laying the foundation for an inclusive, borderless digital economy for everyone.”
TON Foundation is the leading advocate of the TON blockchain, which is used by the popular Telegram messaging app that has about 1 billion users.
In all, the Stellar Development Foundation, TON Foundation, Solana Foundation, Monad Foundation, Fireblocks, Polygon Labs, and Mysten Labs have joined the BPC.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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